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A Point of Sale terminal is an electronic system/device that
accepts cashless payments from customers at a point of purchase. The use of
Point-of-Sale terminals has completely revolutionized the restaurant and
hospitality industry. The major impact is witnessed in fast food franchises,
where the manager is able to take order from the customer and send it
wirelessly to the kitchen, thereby reducing the time taken to process the
order. Thus, use of POS terminals enable manager to speed-up the complete order
taking process and reduce time taken to serve, thereby improving the
operational efficiency and customer experience. Furthermore, the use of POS
systems significantly reduces the total operating cost and mistakes made due to
human error, which, in turn has a significant impact on the overall profit
margins earned by restaurants. Profits earned in the hospitality industry are
majorly driven by customer experience. As such, offering excellent customer
service not only in terms of food quality, but also secured payment processing
is very crucial.

Security concerns related to data breaches have inhibited the
use of POS terminals in the yester years. However, the vendors in collaboration
with software developers have been able to develop POS terminals which make debit
card/credit card processing secure and seamless. In addition, POS terminals
enable lodge/hotel owners to process complete lodging application data
including check-in, express check-out, date and arrivals, online reservations,
gift and loyalty cards efficiently. Thus, need for efficient operational
management coupled with the customer-centric focus is collectively expected to
drive demand for POS terminals in the hospitality sector.

In terms of geographic regions, Asia Pacific is expected to
emerge as the fastest growing market during the forecast period. The
anticipated growth in the region is expected to be driven by expanding fast
food chains, especially in tier-3 and tier-2 cities.

Competitive Insights:

The advent of cloud-based solutions has offered the much needed
impetus to the global POS terminals market that was struggling to gain
traction. Their emergence has made market more competitive. The intensity of
competition is expected to remain high as players strive to develop innovative
and more secure solutions. Some of the leading and emerging players identified
in this research study include Verifone Systems, Inc. (the United States),
Ingenico S.A. (France), PAX Technology Ltd. (Hong Kong), Hewlett Packard (the
United States), MICROS Systems, Inc. (the United States), NCR Corporation (the
United States), Panasonic Corporation (Japan), Toshiba Corporation (Japan), and
Samsung Electronics Co., Ltd. (South Korea) among others.

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